Solana Dominance Drops as Pump.Fun Mania Wanes

Solana dominance is tumbling as Pump.Fun mania fades away, leaving traders curious if the two metrics are correlated.

The SOL/BTC pair is trending downwards, sitting at 0.0023, 18% off its local high of 0.0028 on July 31. The decline in SOL dominance began at the same time that Pump.Fun activity started to cool off.

The memecoin launchpad’s revenue hit a daily all-time high of $2.31 million on July 30th, but the protocol only brought in $837,000 in revenue over the entire week ending September 22, according to DeFiLlama. However, there has been a rebound over the last two days as the platform brought in $3.1 million over the last 48 hours.

Active addresses on the platform are down after reaching 56,000 on July 29, averaging roughly 34,000 per day over the last week. Further, the average number of daily tokens launched has dropped to the lowest level since April, according to Dune Analytics.

Despite many traders on crypto Twitter calling for the death of memecoins, the new shiny object on the memecoin streets, $MOODENG, launched on Pump.Fun on Sept. 10, and rallied an astounding 18,000x to a $72 million market capitalization in just two weeks. The token is based on a pygmy hippopotamus which has taken mainstream media by storm.